The Democratic advocate. [volume] (Westminster, Md.) 1865-1972, 1887-01-01
Silver History.

over with scientific obscurities.
Silver History.
We are indebted to the combined wis
dom and craftsmanship of Thomas Jeffer-
son and Alexander Hamilton, for the es-
tablishment of our coinage and the intro
duction of our decimal system Hamilton,
Secretary of the Treasury, made an elabor-
ate report to Congress in 1892. As the
principal coin in circulation, and with which
our people were familiar, was what was
known as the Spanish milled dollar" he
urged the coinage of silver money, making
that as the standard unit of measure. The
relative value of silver and gold was estab-
lished at fifteen pounds of silver to one of
gold. His opinion was that both metals
should be coined, as, fixing either as the
unite, the other would be only merchandise,
The free coinage of both metals was pro-
vided for.
On account of the softness of the metals
and their consequent liability to loss by
wear, an alloy of harder metals was used.
The gold coin was made HIP fine, being
the same as adopted in England, the alloy
kQ,eonsist of equal parts of silver and cop
- 795 the French rule was adopted
4 :W1BBesr cent srn4esS The alloy in silver
eoin was composed wholly =
hhe beginning of this century there had
been coined $697, $50 gold and 81 ,215,15
silver and S50,111 in copper cents and
half cents. Our gold coin was in eagles
and half-eagles-ten and fve-dollar pieces.
In 1898 foreign coins were leagalized
and made legal tender at specified rates
for three years and no longer. The Pres
ident issued proclamation that at the ex-
piration of that time these must be recoin-
ed. After 1897 Ne' Spanish. dollars were
the only legal tender foreign coin for long
period.
In 1909 the entire coinage Of the United
States amounted to only $8,346,1 146. On
the 1st of January, 1855, our coinage
amounted to S129,313, 3,55S, of which $685.
470,612 was gold.
In 1884 our silver disappeared, because
overvalued, and the gold dollar was changed
from twenty-seven to twenty-five eight
tenth grains, and the relation of sikEMa
gold was made sixteen instead of fie " to
one Gold dollars were first coinesa5
1910. In 1853, on account of the expor-
tation of our small silver coin, and its con-
sumption in manufactures, by a law of Con-
gress all our subsidiary coin was made 10
per cent. light.
Hence it is that it takes eleven dimes to
equal dollar in weight, and ten-cent-
piece must be added tof four quarters or two
half dollars to weigh dollar. To COM
pensate for this they were mere tokens, and
only legal tender to the amount of SIS in
any one payment.
The dollar of 4124 grains of standard
silver has always been a legal tender in
payment of debts to any amount. It's legal
tender quality was not destroyed by the act
smuggled through Congress
in 1873. 1t was simply dropped from the
coinage. Those already coined were money
for all purposes and to any amount. Com
paratively small number had ever been
issued from the Mint.
The trade dollar, composed of 420 grains,
or seven and one-half grains more than the
regular coin, was designed for the tea trade
of China and Japan. 1t was made legal
tender, like the subsidiary silver coin, to
the amount of S5; but, in bad faith to those
who held them, their legal tender quality
was withdrawn, and they are no longer
money for any purpose. To those who
think that the money value ofa coin depends
upon the metal it contains this is puzzling
problem.
The issuing of coin certificates to circu-
late as currency was first proposed and
strongly urged by Thomas Corwin, Secre-
tary of the Treasury in the administration
of President Fillmore. Congress refused
to adopt the recommendation of Mr. Cor
win. As gold and silver so soon lose their
full weight by wear, the suggestion yass.
wise, even in an economic point of view, to I
say nothing of the greater convenience of
the certificates.
The gold and silver certificates are a
very popular circulating medium, but they
are not legal tender in payment of indi
vidual debts, but as they are receivable for
custom duties and all public dues they be-
come in effect legal tender, and no one
would ever think of refusing them in pay
ment of any obligation. They should be
clothed by law with full legal tender finc-
tions. 1t is curious fact that they are the
only paper money we have ever had which
has an exclusively coin basis, dollar for
dollar, and yet not legal tender. The
greenbacks and the National Bank notes
are based upon the credit of the Govern
ment and not upon coin. Our old State
bank and wildcat currency" had a small
basis of coin and large one of confidence.
What the people want is safe, reliable,
uniform and ample volume of money; that
its volume should not depend upon the av-
arice or caprice of money dealers, but upon
the requirements Of business and trad
There is arapidly growing public sent;ne
that all money should be issued by the 6.
ernment, whether gold, silver, greenb
or certificates, shall be interchangea
alike legal tender. 1t is
concern what may be the price
modify or material of which it is ]
vided that it is exchangeable fo
perty at its stamped value.
holders of gold are anxioga
for silver certificates, tI "
whining about sevent
and no reason for y